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• Any private entity that: <br />0 Has a minimum net worth of $5 million; and <br />a Has at least three years' experience in business or industrial lending or commercial <br />real estate lending (including multifamily lending), or has a lending officer that has <br />at least three years' experience in business or industrial lending or commercial real <br />estate lending; and <br />0 Can provide independent certification as to availability of funds; and <br />All lenders must have the ability to carry out, either directly or through a servicer, the <br />bookkeeping and customer service work necessary to manage the assessment accounts. <br />Any lender can participate in the PACE Program as long as it is a financially stable entity <br />with the ability to carry out, either directly or through a servicer, the bookkeeping and customer <br />service work necessary to manage the assessment accounts. The property owner, not City, <br />Authorized Representative, or the Program Administrator, selects the lender. <br />The Authorized Representative, or the Program Administrator, as applicable, will not <br />guarantee or imply that funding will automatically be provided from a third -party lender, imply or <br />create any approval, endorsement or certification of, or responsibility for, any lender; or create any <br />type of express or implied favoritism for any eligible lender. <br />SECTION 9. REQUIRED COMPONENTS OF THE PACE PROGRAM. <br />As required under Section 399.009 of the PACE Act, the following describes all aspects of <br />the PACE Program: <br />(a) Map of Region. A map of the boundaries of the region included in the <br />program is attached to this Report as Exhibit 1. The region encompasses the City limits.. <br />(b) Form Contract with Owner. A form contract between City and the record <br />owner of the Eligible Property is attached as Exhibit 2. It specifies the terms of the <br />assessment under the PACE Program and the financing to be provided by an eligible lender <br />of the property owner's choosing. <br />(c) Form Contract with Lender. A form contract between City and the eligible <br />lender chosen by a property owner is attached to this Report as Exhibit 3. It specifies the <br />financing and servicing of the debt through assessments. <br />(d) Qualified Improvement. The following types of projects are qualified <br />improvements that may be subject to contractual assessments under the PACE Program: <br />Projects that (1) involve the installation or modification of a permanent <br />improvement fixed to privately owned commercial, industrial or residential real <br />I'm <br />